Fotrade Review
We have rated Fortrade as the top overall broker for 2020, read on for an in-depth review. Fortrade is a UK-based brokerage firm which is operated by Fortrade limited. The official partners of Rangers F.C., were founded in 2013. Even though it has been only six years since the company began, it is making a huge impact on the trading industry. Now, the firm covers more than 150 countries.
Pros
· The desktop and the mobile version is easy to navigate.
· There is a great amount of educational material available on the website.
· The broker is regulated from one of the most reputable financial agency.
· Multilingual support is available on the website.
· One can also open an Islamic account with no interest fee.
· The brokerage firm offers 12-hour live customer support.
Cons
· The fee charged for wire transfers is $50.
· The wire transfers can take up to 7 days.
· Although offering live customer support is great, only 12 hours is not very substantial as people can trade Forex and other instruments 24/5.
· Not enough trading instruments provided.
Overall Ranking - Fortrade Review
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Overall
Investment Opportunity
Commissions & Fees
Safety
Research
Smartphone Usage
Customer Service
Education
Platforms & Tools
Extended Fortrade Review and Further Information
What sets apart Fortrade is both its platform availability and its low spreads and fees. The broker has a custom-built platform as well as the usual MT4 platform. It uses its custom-built for Forex trading. The platform is free to use and offers all essential trading features and great tools for charting. Traders can also use Fortrade Webtrader if they don’t want to download the custom-build platform.
Whilst this broker does not provide anywhere near as many tradable instruments as eToro, it provides the necessities at a much more competitive fee. For example, the average spread for EUR/USD is only 0.70 pips. However, we do not advise to create an investment portfolio with this broker due to the low amount of instruments available. This may restrict diversity within your investments. This broker is best suited to Forex and Indices day traders.
Every trading website has some basic characteristics from which traders can decide if the platform is suitable for them. Our 2020 review of Fortrade will cover all the key points one should know about the firm. 1
How to Open your Account
To open an account with Fortrade, it is simple. Go to www.fortrade.com and click the blue “Sign up” button in the top right corner of the page. Follow the clear instructions provided by Fortrade. Accounts can be set up within 5 minutes, and traders can deposit instantly. Accounts must be verified via a proof of identity and a proof of address. Failure to do so may result in the account being temporarily blocked, so it is advised to provide the necessary information swiftly to run your trading account smoothly.
Account Types
Fortrade offers only one standard trading account. This is very beneficial for the novice traders or traders who don’t want complexity in their trading. However, this may be problematic for active traders looking for a better deal on their commissions and fees.
There is no time limit on the demo account and Fortrade offers EUR 10,000 for practicing. Many other brokers only offer a demo account for free for a limited time, so Fortrade shines above the rest here. If you don’t want a demo account, you can skip this part.
Opening a standard account, EUR 100 is the minimum amount limit. To fully take advantage of trading, the firm emphasizes on making an initial deposit of EUR 500.
There is an option to open an Islamic account as well. There is no interest fee in this account. The Islamic account requires a minimum balance of $2000.
Instruments Available - Fortrade Review Findings
Upon our Fortrade review and tests, we found that there are over 300 trading instruments in Fortrade. Users can trade in:
· Offers all major and minor currency pairs for Forex trading.
· Stocks
· Indices
· Cryptocurrencies
· Precious Metals
· Energy Products
· Agricultural Products
· U.S Treasuries
· ETFs
Fortrade has plenty of trading opportunities and traders can profit from various investments. They do not have a great amount of available instruments, but they hold a very solid amount of more exotic things to trade. Not many brokers have US Treasuries available to trade nor do they have an extensive amount of energy products and agricultural products available.
So despite having a smaller amount of instruments available compared to the average broker, Fortrade gains a competitive edge due to the specific instruments offered.
However, please note that stock trading is only available for traders from the UK, Europe, and the U.S.
Commissions and Fees
Fortrade takes commission in the form of trading fees; spreads.
Major Forex pairs have a spread of 2 pips and some pairs like USD/CHF and CHF/EUR can have spread of 4 pips. But this depends on the liquidity and is not fixed. These spreads are average compared to other brokers, which is great to see Fortrade remaining competitive in their spreads, so that they can give the client a better chance to remain profitable.
A non-trading fee for the inactivity of the account is quite usual in brokers, but Fortrade has a different and seemingly more costly fee and is charged for a shorter period of inactivity than the average broker. If the account hasn’t been active for 180 days, Fortrade charges $10 each month. This is quite rare with brokers and somewhat negative if one needs time away.
A non-trading fee is also charged for telegraphic transfer. Fortrade can charge up to $40 for each transfer. Telegraphic transfers refers to an electronic means of transferring funds. This is one of the largest withdrawal fees that we have noticed and may deter some from their service.
Depositing and Withdrawal Methods
Fortrade accepts every major depositing and withdrawals methods. Deposits will be carried out instantly. Users can choose from:
· Credit/Debit Card
· PayPal
· Skrill
· Neteller
· Wire Transfer
· Bitcoin
As discussed, the firm often charges $40 for each telegraphic transfer.
The company takes up to 48 hours for processing of withdrawal request and can take up to 5 days to send money through the wire transfer.
Interface
Fortrade has 3 trading platforms; Web Fortrader, Desktop Fortrader, and Mobile Fortrader. This is amazing coverage and it is really rare to see such great platforms with such wide-spread usability.
The interface of all the three platforms are user-friendly and traders get familiar with the layout quickly. All platforms were tested and the execution was always swift and we had no trouble navigating the site.
For those that may find it slightly difficult, Fortrade offers instructions on how they use the platform. This is very helpful for people who are just starting.
Educational Resources
Trading websites often lack basic educational resources which can cater to the needs of newer traders and beginners. Fortunately, Fortrade offers many educational resources and training material that you will not find anywhere else.
The website has an Education section from which users can find about trading tools, market analysis, trading courses, and multiple trading strategies in both great quality and quantity. On top of this, there are also training videos and eBooks.
Customer Support
offers excellent customer care services. Traders can connect with the company through email, phone, and live chat support. Live chat is a great communication method and eliminates confusion. However, you can only contact every day from 9 A.M to 9 P.M. This is a limiting factor of the customer support as many of their instruments are traded 24/5, with crypto being 24/7 too. This could be problematic for those who trade outside the normal trading hours, as if they stumble across a problem, it may not be fixed swiftly.
The website is available in 15 different languages. The languages provided are all European, except for Arabic. Chat and phone chat support are available in all these languages. This is great as not many brokers tailor to this need.
Regulations and Jurisdictions
This UK-based trading company is regulated by FCA (Financial Conduct Authority). FCA is the regulatory body of the UK, which checks all the financial matters in the country. This is one of the largest regulative agencies in the world, and the FCA provides great validity in the safety of a broker.
Customers from the UK are protected by FSCS (Financial Services Compensation Scheme). In case Fortrade is unable to pay its UK clients, the FSCS will pay up to GBP 50,000 compensation.
MIFID (Markets in Financial Directive) allows Fortrade to operate in the European Union. The trading platform covers over 150 countries around the globe. But its services are not available for over 45 countries. Some of these countries include;
· Japan
· Belgium
· Israel
· Australia
· Hong Kong
· North Korea
· United States
· Singapore
· New Zealand
Please visit www.fortrade.com for more information.
Conclusion of the Fortrade Review
Overall, we believe that Fortrade is a great place for beginners to start trading due to the amazing user-friendly platforms, competitive spreads and wide array of educational and research material. One can learn a lot from their educational material and can implement this learning into practice. However, it may not be the best trading space for active traders and professionals with large trading amounts. Withdrawal fees are much higher than the average broker and Fortrade does not offer separate accounts, therefore active traders may miss out on lower spreads and fees and other benefits provided by other brokers.
We recommend this firm massively, and give it a 4.5/5 rating.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. This does not constitute as investment advice or personal recommendations as your specific financial circumstances have not been considered. No warranty is given in regards to the accuracy and completeness of information. Past performance is not an indicator of future results.